This FW thread
looks into the NetSpend savings account
that currently pays 5% APY on all balances. This is part of a prepaid debit card program that's intended for under-banked Americans and those who may not be able to establish accounts with traditional banks. The FW thread mentions many limitations and fees.
A reader asked me about this 5% account in February 2009, and he pointed out the following links: 2008 press release on NetSpend
and consumer complaints on NetSpend
The NetSpend page states that the 5% is a promotional rate, but I wonder if it could be an opportunity similar to that Citibank 4% secured credit card program
. If you find out more, please leave a comment.